Running head: MARKETING RESEARCH 1

Marketing Research

Student’s Name

Affiliate Institution
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Marketing Research

Internal database-An internal database is an electronic collection of market and

consumer information acquired from data sources within the organization’s network. Marketers

can access and work with data in the archive to identify problems, marketing opportunities,

evaluation of performance, and plan programs.

Marketing Intelligence-This refers to the external information gathered by an entity

regarding a certain market that intends to enter or make decisions (Rakthin, Calantone, & Wang,

2016). The information collected is the first set of information which a business analyses before

arriving at any investment decision.

Marketing research- The term refers to organized attempts to collect information

concerning customers and target markets: knowing more about them. The process determines the

viability of a new product or service.

Compare and contrast internal database, marketing intelligence, and marketing research

The three terminologies are similar because they all help enterprises understand and

develop marketing strategies. On the contrary, what makes the three concepts differ is the

objective. For instance, market intelligence is company-centered, whereas market research is

conducted to learn aspects relating to customers' preferences, among other things.

Focus Groups-This refers to a research approach which brings together people to give

feedback concerning a concept, service, product, or a marketing campaign (Carey, 2016). The

participants are recruited on grounds such as demographics, purchase history, behavior, and

psychographics and generally know each other. To guarantee that the maximum number of

varying reactions and ideas have been gathered from the focus group members, organizations

hold a number of focus groups in various locations or regions.

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Advantages of focus groups

One advantage of focus groups is that information is gathered quickly. Since the groups

involve up to ten participants, companies can collect valuable insights from a section of the

market in roughly 90-minute discussions. Competitive advantage rests on the ability of a

company to be ahead of the game. Focus groups provide businesses with the ability to collect

insightful data faster as opposed to personal interviews or analyzing and interpreting survey

responses. The second advantage is that the discussion gives rise to valuable output. The

dynamics of the group may have a significant positive impact on the quality of the research

output. A moderator will know how to conduct the discussions to trigger spirited discussions

(Carey, 2016). In some cases, the meetings can bring forth new thinking among members, which

can lead to in-depth discussions.

Disadvantages of focus groups

One downside of the groups is that some voices may be loud than others. In any group,

there are both introverts and extroverts; individuals who are not comfortable with giving their

views, among others. The second disadvantage is that focus groups may not be representative of

the whole market (Carey, 2016). It is often challenging to assemble a true representation of

society. Therefore, reliance on the focus group discussions as the main source of information

may not give an accurate representation.

Questions that are appropriate for focus groups

Focus group questions are critical in steering the discussion on the right path. Questions

vary depending on the objectives of the company. For instance, questions relating to

dissatisfaction and improvements to a product and service can include: what particular concerns,

issues, or problems you have faced when using our services or products? Another question
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relating to competitors' information can consist of: when looking for our products, what brand or

company immediately comes to mind?

Case Study

Three sources of secondary data

Secondary data refers to public data which has been gathered by others and is generally

inexpensive or free (Ruggiano & Perry, 2019). The sources act as a robust foundation for any

marketing research endeavor. In this case, Klondike could use trade publications, government

statistics, and industry associations. Government statistics are easily accessible on the internet

and can offer insights linked to trade activities, economic trends, prices, among other things.

Industry association also have websites which have important information-history and overview

of the restaurant industry. Besides, the secondary source is ideal as Klondike can look for data

that an industry insider may have. The final secondary source is trade publications. They can

encompass news articles and periodicals, all of which provide competitor, industry, and service

data.

Three sources of primary data

Primary data implies new information gathered for a business’s specific purpose. The

data is collected directly from individuals in the know (Frederiks, Spinks, Hobman, & Dane,

2016). The methods of collecting primary data differ depending on the marketing research goals

and depth of data being sought, among other things. Klondike can use in-depth interviews,

surveys, and focus groups as the primary sources of collecting data. Surveys will help the

restaurant identify if bringing a band during the weekends can help attract more customers.

Focus groups can help the restaurant determine if guests want a band to entertain them during the

weekends. Finally, in-depth interviews are critical in gathering free-flowing conversations

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regarding the topics of interest. In this case, the industry can obtain information on the pricing

trends and determine if it makes economic sense to sign a contract with the band.

How many additional guests would the restaurant need each weekend to pay for the Sea

Cruisers

1 weekend=$1000

Average check=$22.45

1000
Guests needed to pay for 1 weekend= = 45 guests.
22.45

Decision as Klondike Manager

As Klondike's manager, I would not agree with Dan's idea of going ahead and giving it a

try. This is because trying out something new is not a walk in the park. In this case, resources

may be pumped into an endeavor bound to fail due to a lack of adequate research. In other

words, it is advisable to conduct market research before deciding on investing in the idea.

Therefore, I would advise that we undertake market research to gather all the needed information

before signing a contract with the band.

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References

Carey, M. A. (2016). Focus groups—What is the same, what is new, what is next? Qualitative

health research, 26(6), 731-733.

Frederiks, E., Spinks, A., Hobman, E., & Dane, S. (2016). Pathways for primary data collection

in EUDM. Australia: CSIRO.

Rakthin, S., Calantone, R. J., & Wang, J. F. (2016). Managing market intelligence: The

comparative role of absorptive capacity and market orientation. Journal of Business

Research, 69(12), 5569-5577.

Ruggiano, N., & Perry, T. E. (2019). Conducting secondary analysis of qualitative data: Should

we, can we, and how?. Qualitative Social Work, 18(1), 81-97.